Sunday, November 15, 2009

An exampe of why the Austrians had decent ideas.
one of the most incredible videos i've ever seen. The Chinese government built an entire city, Ordos, designed for 1 million people, in order to make GDP numbers look high. The city is almost entirely empty. This is akin to the "if you throw a brick through somebody's window then you stimulate the economy as they spend money to fix their window" parable the Austrians derided as stupid.
more on why we need big banks, and too big to fail is a dumb idea

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